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A trade delegation of business leaders and tech experts from Gumi, South Korea, along with City of Gumi representatives and Mayor Dr. Se Yong Jang visited the Greater Irvine Chamber to learn more about Irvine’s strong tech sector and to deepen partnerships with tech companies based in Irvine.
Facilitating a soft landing for potential foreign direct investors, the Chamber provided delegates a presentation on resources available through the Chamber. As part of their trip, the delegates met with Greater Irvine Chamber President and CEO Bryan Starr and Executive Vice President Linda DiMario, as well as Irvine city leaders including Mayor Donald...

By Terry MacRae, 2018 chair of the California Chamber of Commerce Board of Directors, commissioner on the Visit California Board of Directors, chief executive officer, president and founder of Hornblower Cruises & Events.
Vacations to California’s natural wonders, cultural riches and exciting city attractions fuel stable employment and the world’s fifth largest economy.
Regardless of where travelers go and what they do in California, vacations are more than memories—they also spur one of California’s strongest economic pillars. In fact, tourism drove $132 billion in travel-related spending in 2017, generating $11 billion in state and local tax revenues.
Running a cruises and events company...

U.S. employers added the most workers in 10 months as wage gains accelerated and labor-force participation jumped, reflecting a robust job market that nevertheless faces mounting risks in 2019.
Nonfarm payrolls increased by 312,000 in December, easily topping all forecasts, after an upwardly revised 176,000 gain the prior month, a Labor Department report showed. Average hourly earnings rose 3.2 percent from a year earlier, more than projected and matching the fastest pace since 2009. Meanwhile, the jobless rate rose from a five-decade low to 3.9 percent, reflecting more people actively seeking work.
The dollar surged, U.S. stock futures remained higher and Treasuries...

The Trump administration and China are facing growing pressure to blink in their six-month stare-down over trade because of jittery markets and portents of economic weakness.
The import taxes the two sides have imposed on hundreds of billions of each other’s goods — and the threat of more to come — have heightened anxiety on each side of the Pacific. The longer their trade war lasts, the longer companies and consumers will feel the pain of higher-priced imports and exports.
Their conflict is occurring against the backdrop of a slowdown in China and an expected U.S. slump that a prolonged trade war...

Whether you’re practicing triple salchows or tying your laces for the first time, the new Great Park Ice facility is open for public skating sessions as of Wednesday, Jan. 2.
The long anticipated 280,000-square-foot rink – part of the Anaheim Ducks RINKS network – has been under construction since February 2017.
Though two of the four ice sheets, a restaurant and Ducks team store aren’t quite finished, the public is invited to check out the facility and take a whirl on the two completed ice sheets, said Art Trottier, vice president of the Anaheim Ducks RINKS, which runs ice facilities in Anaheim and four...

A Message from Greater Irvine Chamber President and CEO Bryan Starr
As the Greater Irvine Chamber celebrates its 40th Anniversary this year, the organization’s professional staff and Board of Directors continues its work to support the Irvine Master Plan and to advance the economic vitality of greater Irvine.
Through its numerous programs and events, the Greater Irvine Chamber convenes thousands of business leaders every year to build long-lasting professional relationships.The Greater Irvine Chamber has partnered with Irvine’s highly-ranked schools and 15 colleges and universities on programs that help ensure a sustainable talent pipeline for Irvine companies. Partnerships with accelerators such as UCI...

The strength of Irvine’s Master Plan was recently featured in an online article from Business Facilities Magazine, a leading full-service media brand specializing in the site selection marketplace. Mentioned in the feature are the many reasons Irvine is poised for economic growth and success, including its highly-ranked educational institutions, its growing innovation ecosystem, and livable neighborhood centers. Read the full article below.
Irvine, CA: The Smart Choice
Why Irvine, CA? Sometimes the address says it all.
Everyone knows that there are certainly less expensive places to start or locate a business—any city in North Dakota or Alabama for starters—but there isn’t a smarter...

Chris Thornberg, founding partner of Beacon Economics, will be the keynote speaker for the Greater Irvine Chamber's Jan. 10, 2019 Business Outlook event. In an article for CalChamber, Thornberg addresses the impact of President Trump’s actions in the months ahead on economic outcomes in 2020:
The 2018 midterm election is finally behind us, and proved to be just as dramatic as would befit today’s hyper-charged political environment. Moreover, the final results pretty much assure that the drama coming out of Washington, D.C. will not lessen over the next two years of the Trump administration.
Indeed, without even taking a breath, it feels as if...

The Greater Irvine Chamber’s January Economic Vitality Council (EVC) meeting will include a special opportunity for business and community leaders to meet with Irvine’s city management team as they provide an update on their plans for the upcoming year.
“We are very excited to have the Irvine city management team visit the Chamber and share their vision and progress in-person with all our hard-working chamber and committee members. It’s a valuable opportunity for all those working to support the economic health of Irvine to listen, learn and collaborate further" said Linda DiMario, executive vice president, Greater Irvine Chamber.
Irvine City Manager John Russo will...

By Arlyn Stoik, Principal, Avison Young
After more than 24 years in commercial real estate, Avison Young has never been more excited by the multiple, diverse options for expanding businesses in Southern California. Many of us have heard about Southern California’s booming economy. When we focus on commercial real estate, however, we get a much clearer picture of the industries, properties, regional markets, and undiscovered opportunities that underlie the region’s prosperity and promise. It is a region ideally suited to a broad range of users with a diversity of real estate needs.
Commercial real estate touches every industry and all of our...

By Todd Trowbridge, Partner Corporate Tax, Trowbridge
A frequent question that often arises in our discussions with U.S. companies who want to expand into Canada is how our country goes about taxing foreign corporations.
Residency Status
The process typically begins with determining whether the particular corporation is considered to be resident in Canada for tax purposes. A corporation may be considered resident in Canada without being a Canadian corporation. A corporation that is resident in Canada for tax purposes is subject to tax in Canada on its worldwide income.
Since residency is not specifically defined in the Income Tax Act (ITA), tax residency is...

Looking back on 2018, it’s clear that Irvine’s Master Plan has created a city built to succeed.
This year’s accomplishments touch almost every aspect of life — schools, safety, family, jobs and open space.
“This didn’t happen by chance,” says Bryan Starr, president of the Greater Irvine Chamber of Commerce. “Irvine was master planned to succeed.”
As the city prepares for its 47th birthday on Dec. 28, one thing is clear: Irvine is hitting its stride.
Photo courtesy of Ryan Lilyengren.
HERE’S THE YEAR IN REVIEW:
In January, Irvine was named the most fiscally sound city in America by The Fiscal Times.
In April, about 300 people gathered...

By Bryan Starr, president and CEO, Greater Irvine Chamber.
As we are about to kick off the new year, the Greater Irvine Chamber has every reason to be grateful for the current state of the city and optimistic about its future. While trends affecting other regions and the nation as a whole may indicate volatility, the City of Irvine remains far ahead of the curve on the issue of economic health because of the diversification of its commercial portfolio. This did not just happen by chance, it was a deliberate strategy set forth by the Irvine Master Plan more than half...

Not taking a second seat to Boston, the Bay Area, or anywhere else for that matter, the Greater Irvine Chamber has strategically targeted U.K. companies for expansion into Irvine’s strong life science and innovation ecosystem. From research conducted by the Chamber’s economic development team, the U.K. life science sector was identified to have the greatest potential globally for expansion to the U.S.—more specifically, to Irvine. The Chamber engaged its foreign direct investment initiative (FDI), sending a Chamber delegation twice to the U.K. to convene with executives who have expressed readiness to expand their companies into the U.S.
As a follow-up to...

The Commercial Service team in Singapore has developed several new agreements with Singapore leaders that will help U.S. companies grow their business in the Indo-Pacific, particularly in the region known as ASEAN—the Association of Southeast Asian Nations. With a combined population of 647 million people, a burgeoning middle class, and a young and growing population, the ASEAN region presents tremendous commercial opportunities for U.S. companies.
On Sept. 13, Under Secretary for International Trade Gil Kaplan signed Statements of Intent on behalf of the International Trade Administration (ITA) with the Singapore Business Federation, the U.S. Chamber of Commerce, and the Singapore Manufacturing...

U.S. businesses hired new workers at a solid pace in November, adding 179,000 jobs, according to a private survey.
The report comes as other data also suggest the U.S. economy remains healthy, even as the financial markets have gyrated over concerns about a trade conflict with China and slowing global growth.
Payroll processor ADP said that last month’s job gains slowed from October’s strong showing of 225,000. Still, November’s hiring is enough to lower the unemployment rate over time.
Job gains were strong in health care, which added 37,000 jobs, and in hotels and restaurants, which gained 26,000. Professional and technical services, which...

The City of Irvine has released a new electronic, interactive, web-based map to track development proposals in an effort to enhance transparency and aid citizens in understanding projects that may affect the community.
The map features an overview of major developments approved in the last five years, including those under construction and recently completed. The map will be regularly updated as new proposals are submitted for review and as major projects start construction.
City of Irvine staff has placed this valuable information on the City’s website.
For more information, call 949-724-6450, or visit cityofirvine.org/transparency.

The Greater Irvine Chamber will host the fifth annual Orange County World Trade Week (OCWTW) Breakfast and Forum on Thursday, May 16, 2019, 7:30 a.m. – 12 p.m., at the Irvine Marriott, 18000 Von Karman Ave.
The OCWTW 2019 program will feature a keynote address by a representative from Experian Decision Analytics, an Export Success Panel discussion, and an International Resource EXPO.
Returning are Founding and Presenting Sponsor UPS, and Champion Sponsor HSBC.
OCWTW brings together Orange County’s International-American chambers and business associations, public sector and private trade organizations, and members of business community to grow awareness of the impact of international trade and export...

By Peter Coy, Bloomberg Business
Judging by recent headlines, the global economy is on a wild roller coaster that’s going mostly downhill. There are Brexit, trade wars, Italy’s fight with the European Union, renewed U.S. sanctions on Iran, a Chinese debt bomb, jittery stock markets, intermittent capital flight from developing nations, and more.
The data tell a calmer and happier story. According to the International Monetary Fund, the global economy is on track to grow a healthy 3.7 percent in 2018. That’s exactly how fast it grew in 2017. The IMF’s forecast for 2019? Again, 3.7 percent. It’s a plateau, all right, but a high plateau—call it the Altiplano of...

As part of the Greater Irvine Chamber’s 2018 Life Science Showcase event, life science company executives from throughout the U.K. made their way to UC Irvine.
In collaboration with UCI Applied Innovation, the Greater Irvine Chamber hosted 10 executives from U.K.-owned life science companies to position Southern California and UCI as a strong global brand for innovation and entrepreneurship. Applied Innovation worked closely with the Chamber to promote industry cluster growth in the region.
U.K. life science company executives join the Greater Irvine Chamber
and UCI Applied Innovation executives for a lunchtime presentation
at the Cove @ UCI. Photo: Michelle Mar
“When you study the facts, every indicator reveals...

Greater Irvine Chamber Leaders Circle member Edwards Lifesciences Corp., Orange County’s largest public company with a nearly $30 billion market value, is also one of its fastest-growing public companies, both in sales and stock growth.
The Irvine-based medical device giant, which employs over 4,600 in OC, had two-year sales growth of 29 percent for the period ended June 30, with $3.5 billion in sales.
The percentage gain was fourth-best on this week’s Business Journal ranking of the fastest-growing large businesses.
More is in store, according to Chief Executive Michael Mussallem, who’s led Edwards since it became an independent company when spun out of...

Orange County tech funding is growing. According to research from JLL, there was $106 million in total tech funding in the third quarter. It was the second consecutive quarter when tech funding surpassed $100 million and the fourth consecutive year when tech funding has surpassed $500 million.
Venture capital and private equity has made up a bulk of the tech funding in the market, and a majority of the capital has gone to IT and software companies.
Source: Globe St.
Related article: Heavy Concentration of Orange County Startups Located in Irvine

The U.S. economy expanded at a 3.5 percent pace in the third quarter as consumers opened their wallets, businesses restocked inventories and governments boosted spending, marking the strongest back-to-back quarters of growth since 2014.
The annualized rate of gains in gross domestic product compared with the 3.3 percent median estimate in a Bloomberg survey and followed a 4.2 percent advance in the prior three months, according to a report from the Commerce Department.
Consumer spending, which accounts for about 70 percent of the economy, unexpectedly accelerated to a 4 percent increase -- the best since 2014 -- while the 0.8 percent gain...

Californians paid some $1 billion in taxes above official projections during the first three months of the state’s fiscal year, in what could be a major boost to the government’s bottom line once Gov. Jerry Brown leaves office in January.
A monthly report issued by the state Department of Finance attributed most of the unexpected revenue — $990 million — from personal income taxes paid between July 1 and Sept. 30. Sales taxes were slightly below expectations written into the budget crafted by Brown and state lawmakers in June, while corporation tax revenues were slightly above forecasts.
The new tax windfall comes...

Dave Lucey, director of sports sales, Destination Irvine, met with representatives from 40 sporting event planning and hosting organizations during the Oct. 1-4 TEAMS (Travel, Events, and Management in Sports) conference in Louisville, KY.
Lucey was joined by City of Irvine staff members Chris Alfaro and Collum McLaughlin, and hoteliers Brittany Valverde of Hilton Irvine and Jeremy Yujuico of Doubletree Irvine. Together, they strengthened relationships with sports organizations such as USA Field Hockey, USL Soccer, and USA Rugby and provided updates on the newly completed sport facilities at the Orange County Great Park.
The sports facilities, which opened last year, include a...

Consumer prices edged up a slight 0.1 percent in September as energy prices retreated after a big gain in August.
The Labor Department said that the September gain in its closely watched consumer price index followed a 0.2 percent rise in August. It was the smallest monthly gain since June.
Inflation has been on a slight rise this year after a prolonged stretch when prices kept falling below the 2 percent target set by the Federal Reserve. For the 12 months ending in September, consumer prices were up 2.3 percent.
Core inflation, which excludes volatile energy and food costs, rose 0.1 percent in...

The number of Americans filing for unemployment benefits fell to a near 49-year low last week, pointing to sustained labor market strength, which should continue to underpin economic growth.
The labor market, which is viewed as being near or at full employment, is steadily boosting wage growth, which could help to support consumer spending as the stimulus from the Trump administration’s $1.5 trillion tax cut package fades.
“The momentum in the labor market remains strong and we expect the unemployment rate to continue to decline,” said John Ryding, chief economist at RDQ Economics in New York.
Initial claims for state unemployment benefits dropped...

The Greater Irvine Chamber won three Excellence in Economic Development Awards from the International Economic Development Council (IEDC).
The Chamber received a Silver Award for its Business Outreach Rally in the category of Business Retention and Expansion Program of 3 Years or More, a Silver Award for its Global Microsite in the Special Purpose Website category, and a Bronze Award for its Career Edge program in the Human Capital category.
The awards were formally presented to Linda DiMario, executive vice president, and Pepper Russell, research and support services manager, Greater Irvine Chamber, during the Oct. 2 IEDC Annual Conference, in Atlanta, Georgia.
“I’m...

One component of the Irvine Master Plan is the city’s retail centers. The Irvine Spectrum Center, Woodbridge Center, and Diamond Jamboree offer diverse shopping and dining experiences to visitors and residents alike. These Irvine destinations continue to evolve, providing shoppers with eclectic options that remain at the pinnacle of style, relevance, and ambiance.
Timing of the #ShopIrvine initiative couldn’t be better. Recently completed renovations at two of Irvine’s most popular and picturesque shopping centers – Irvine Spectrum Center and Woodbridge Village Center – are primed to add significant value to shopping and dining in Irvine.
Irvine Spectrum Center, which draws more than...

Irvine is home to one of the most robust life science sectors in America, a sector where British-owned life science companies are a strong presence. Because the mission of the Greater Irvine Chamber is to enhance Irvine’s economic vitality, we looked to expand the life science sector by launching an aggressive foreign direct investment initiative to recruit U.K. life science companies for expansion to Irvine.
The Chamber conducted thorough research into the market to effectively position Irvine/Orange County in a competitive field. We learned that while California is a very strong global brand, most U.K. companies still thought of Boston first...

As envisioned by the Irvine Master Plan, the city was built around a major university – what is now the University of California, Irvine (UCI) – to ensure area employers would always have a readily available workforce skilled in the latest technology. Irvine-based companies recognize this as a distinctive asset. And, executives at Bay Area tech firms are noticing.
One such firm diving into Irvine’s high-tech talent pool is Vincit, a digital design and app development agency.
Vincit California has successfully expanded from Finland to Irvine’s Spectrum Business Center – by way of Silicon Valley. After starting its U.S. venture in the...

Mounds of dirt sit in the space that will be used by thousands of kids on ice skates.
The ground-level concession stand and skate shop have exposed beams but will soon be bustling with families. And the expansive upstairs lobby is where countless parents will watch their children.
The Great Park Ice skating facility is a construction site, but it’s not difficult to envision that it might someday help produce the next locally trained NHL player or Olympic figure skater.
“I don’t think it’s that far off,” said Art Trottier, vice president of the Ducks’ RINKS program that has grown hockey at the...

A majority of Orange County’s tech startups are located either in the Airport Area or Irvine Spectrum submarkets. Airport Area startups have raised $195.2 million compared to the $152.2 million raised by their Irvine Spectrum counterparts.
Collectively, the two account for 91 percent of startup funding in Orange County. Tech and startup companies alike are drawn to these two submarkets because of the high concentration of millennials, strong retail and lifestyle amenities, and the depth of available labor.
Orange County startups have greatly contributed to the technology sector, emerging as a significant driver for the local economy and driving growth for the...

U.S. Secretary of Commerce Wilbur Ross on May 21, presented Greater Irvine Chamber with the President’s “E” Award for Export Service at a ceremony in Washington, D.C. The President’s “E” Award is the highest recognition any U.S. entity can receive for making a significant contribution to the expansion of U.S. exports.
“The Greater Irvine Chamber of Commerce has demonstrated a sustained commitment to export expansion. The “E” Awards Committee was very impressed with the Chamber’s creation of an International Development Committee. The Chamber’s development of a series of trade opportunities between companies and organizations in Orange County, California and potential buyers and officials...